Syria wants international companies to set up the country's first private power generation plant north of the capital Damascus at a cost of about $300 million as it seeks to open up more of its economy to foreign investment.
Syria wants international companies to set up the country's first
private power generation plant north of the capital Damascus at a cost of about
$300 million as it seeks to open up more of its economy to foreign investment.
Investors have until Sept. 27 to pre-qualify ahead of bidding for the project
in the second quarter of 2011, according to
Syria
's
Public Establishment of Electricity for Generation and Transmission, or PEEGT.
The gas-fired, or heavy fuel oil fired power plant to be located at Al
Nasserieh, is expected to have a capacity of up to 250 megawatts of electricity
and investors will be offered a 20-year concession to operate the facility, the
PEEGT said.
The project is the latest sign of reform to
Syria
's
economy, which for decades has remained tightly controlled by the state. Investors
are plowing into
Syria
amid
ambitions by the government of President Bashar al-Assad to liberalize the
economy. Examples include the opening of trading in March on the Damascus
Securities Exchange and new laws allowing more foreign investment in the
country's banks.
Potential investors in the power plant "will need to have the financial
capacity and experience in implementing power generation projects," said
PEEGT. The International Finance Corporation, or IFC, a member of the World
Bank Group, is advising the Syrian government on the project.
U.K.
consultants Mott MacDonald and Allen & Overy are also advising.
An IFC official involved with the project said the plant will help
Syria
promote private sector participation in infrastructure and that a
public-private partnership law is under discussion.
"The project entails one power plant for the moment, but should open up
for more, it is expected to come online by the beginning 2013," he said,
adding that the project could cost up to $300 million to develop depending on
its final size.
Syria
represents a new frontier for foreign power companies to invest. At present
private power has gained its biggest foothold in
Gulf
states
such as the
United
Arab Emirates
and
Oman
.
Bidders could include the likes of International Power Plc (IPR.LN), which
already owns almost 2,500 megawatts of generating capacity in the
Middle
East
, according to its website.
"We are active in bidding on growth projects across these markets and
continue to review new markets that may be attractive for our business,"
said a spokeswoman for the U.K.-based power developer when asked about the
Syrian project.
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